Angling Direct which specialises in fishing tackle and equipment is looking to raise £20m to invest in its rollout of stores in the UK and to grow its online activity in the UK and Europe. The business which is listed is to issue new ordinary shares as part of the placing which it has said has been over-subscribed, attracting both existing and new investors.
The retailer currently operates from 23 UK stores and is looking to open a further twenty in 2019-2020. It also plans to roll out local language websites in various European countries where it has already developed a promising customer base.
CEO Darren Bailey said: “The new funds will allow Angling Direct to go to the next level, as we seek to extensively increase our UK footprint and expand into Europe through our successful online business.”
Non-executive director Stephen Moon will be stepping down from the board of the company in January 2019 and was thanked by the board for his contribution to the company.
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